The iconic Fifth Avenue F.A.O Schwarz toy store is closing its doors come July 15.
Although the lease agreement for the space featured an ending date in 2017, the sky-rocketing rents in the ultra lavish retailing district of New York’s city is pushing the beloved company out of the hallmark space it has occupied for nearly three decades.
For those who want to pinpoint the toy store in their memory, the location made glamorous appearances in “Mighty Aphrodite” directed by Woody Allen in 1995 or in the older 1988 movie “Big” starring Tom Hanks.
One of the cameos of New York’s Fifth Avenue, dear to both locals and tourists that gather here to witness a unique page of history is not planning to close its doors forever.
Reportedly, it has been relentlessly looking for a new location, hopefully Manhattan and hopefully less costly. The 1633 Broadway hotspot featured on the option list. Although no deal has been signed or comments made, the 48-story office tower would fit the criteria perfectly.
In 2009, F.A.O. Schwarz was acquired by Toys’R’Us. However, both companies commented that discount retailers and online retailers are pushing back their business.
From this perspective, Toys’R’Us also plans to close the doors of its landmark toy store in Times Square at the end of 2016. The location was opened in 2001, but rent rates went sky-high between Broadway 44th and 45th Streets as well.
On Friday, Toys’R’Us issued a statement commenting that:
“The company is committed to the F. A. O. Schwarz brand and growing its legacy.”
And so it should be. F.A.O. Schwarz closes another chapter in its year-long history. That only speaks of new beginnings. Since the establishment of the toy store in 1862, the most thriving period boasted a chain of 40 stores nation-wide.
One by one they closed, leaving the three-level location in the General Motors Building on Fifth Avenue as its only location. Now, with the sealing of the doors approaching, the unique toys can be found in Toys’R’Us boutiques. Hopefully, a new landmark location will soon be found.
Image Source: turner.com